What is your real capacity for the state itself to adequately meet

what is your real capacity for the state itself to adequately meet


We are making significant investments and major improvements to our core platforms which underpin these propositions.

we are making significant investments in major improvements to our core platforms which underpin these propositions


increase requirements for the Marine Corps and also for foreign military sales, that's certainly good for us.

increase requirements for the marine corps and also for foreign military sales that's certainly good for us


the third quarter results further demonstrate that our progress towards transformation is on track.


They will also market a portion of our Warriors North gas, and an improved differential to our current Dom South pricing

they will also market a portion of our warrior north gas at an improved differential to our current domsouth pricing


and are pleased with the continued level of interest in the asset since our first equity placing in May.

and are pleased with the continued level of interest in the asset since our first equity placement in may


And we continue, in my view, especially with the Warning Letters being lifted, have a stronger story for the future than we've ever had. But

and we continue in my view especially with the warning letters being lifted have a stronger story for the future than we've ever had but


Certain matters discussed during this conference may contain forward-looking statements in the meanings of the federal securities laws.

certain matters discussed during this conference may contain forward-looking statements in the meanings of the federal securities laws


mismatch of timing, wherein the commercial paper had been raised, and the money had not yet flowed to government of India,

mismatch of timing wherein the commercial paper had been raised and the money had not yet flown to government of india


your philosophy around stability of benefits and how you think


what, if any, thoughts do you have about possibly doing a tender offer for a piece of the shares?

what if any thoughts do you have about possibly doing a tender offer for a piece of the shares


We encourage investors to review these reconciliations in connection with the comments we make this morning.

we encourage investors to review these reconciliations in connection with the comments we make this morning


So through much more detailed asset management processes by looking at specific components like towers,

so through much more detailed asset management processes by looking at specific components like towers


But other than that, I don't think there was too much that you could derive from the day other than

but other than that i don't think there was too much that you could derive from the day other than


We are generating strong cash flow, while cautiously investing in those areas of our business

we are generating strong cash flow while cautiously investing in those areas of our business


so there, actually, the business environment has not necessarily been that bad from the container handling volume point of view. So

so there actually the business environment has not necessarily been that bad from the container handling volume point of view so


they will be convinced there is no better solution on the market, and in most cases, they will save a

they will be convinced there is no better solution on the market and in most cases they will save


There is no doubts today that the production system of the world are going to change

there is no doubt today that the production system of the world are going to change


then of course, we would have to go back to the market. But there is no such a target on the market.

then of course you would have to go back to the market but there is no such a target on the market


This higher interest expense is serviceable but represents future opportunities for savings.

this higher interest expense is serviceable but represents future opportunities for savings


The shop is located on an island in the middle of the Neches River, which rose about 20 feet above normal,

the shop is located on an island in the middle of the neches river which rose about 20 feet above normal


and our team has been hard at work educating and helping change ingrained behaviors formed over many years.


and from the successful execution of certain transformation initiatives that we outlined during our Investor Day.

and from the successful execution of certain transformation initiatives that we outlined during our investor day


So I -- what I was trying to make a point is that I think we've got a couple of good

so i -- what i was trying to make a point is that i think we've got a couple of good


However, we can go by our own experience. And I think as we have explained in the past,

however we can go by our own experience and i think as we have explained in the past


are being taken and were improved every day in giving them the right support and marketing

are being taken and we are improving every day in giving them the right support and marketing tools


India represents a large opportunity, and we provided some thoughts during Investor Day on how we're approaching the market.

india represents a large opportunity and we provided some thoughts during investor day on how we're approaching the market


As noted on the slide, we now reflect the impact of recent acquisitions and divestitures in the current numbers.

as noted on the slide we now reflect the impact of recent acquisitions and divestitures in the current numbers


Overall volume decreased 15% due to lower yields from our sourcing areas in Costa Rica.

overall volume decreased 15% due to lower yields from our sourcing areas in costa rica


In the difficult political and economic environment that we've spoken about, it's important

in the difficult political and economic environment that we've spoken about it's important


And this is really, I believe, a continuation of the process improvements that they've put in place

and this is really i believe a continuation of the process improvements that they've put in place


than what the market composite was, but we did see a nice turn in that business there that we hope

than what the market composite was but we did see a nice turn in that business there that we hope


The ADVOCATE trial itself is big news for our company and more importantly for the patients.

the advocate trial itself is big news for our company and more importantly for the patients


could you remind us if we -- as we've gone into past recessions, is there a lag? Like how should we think about

could you remind us if we -- as we've gone into past recessions is there a lag like how should we think about


This means that Noble will remain well positioned in the front end of the cost curve over the long term.

this means that noble will remain well positioned in the front end of the cost curve over the long term


we have other product areas that likewise represent new revenue streams for our telecom business.


We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from

we will refer to certain non-gaap financial measures during today's call these measures should not be considered in isolation from


But before moving on to our network operations, I want to say a few words about our current sales efforts

but before moving on to our network operations i want to say a few words about our current sales efforts


I guess, the volatility that there has been in the past, are you now at a level which you see as sort of

i guess the volatility that has been in the past are you now at a level which you see as sort of


The question was that in 2020, there is some talk about China getting rid of its subsidiaries

the question was that in 2020 there is some talk about china getting rid of its subsidiaries


We are not targeting only generating antibodies as most of the competition.

we are not targeting only generating antibodies as most of the competition


we kept our general and admin expenses under control for both Consumer and for the group overall.

we kept our general and admin expenses under control for both consumer and for the group of all


maybe some of your competitors would have a tough time getting access to labor with their new plant


We expect that severe conditions will continue until 5G begins rolling out in earnest,

we expect that severe conditions will continue until 5g begins rolling out in earnest


Next, in the top table is our full year financial forecast.

next in the top table is our full year financial forecast


We remain confident in the growth potential we see for our European operations over the longer term.

we remain confident in the growth potential we see for our european operations over the longer term


some of the more profitable jobs and some of the more specific scope that you're chasing?


so I'm not going to repeat all the numbers. Instead, we are going to focus on the analysis of the factors that influenced results.

so i'm not going to repeat all the numbers instead we are going to focus on the analysis of the factors that influence results


Our proved performance is apparent in our sequential quarterly growth, renewal rates and the other metrics I have discussed.

our improved performance is apparent in our sequential quarterly growth renewal rates and the other metrics i have discussed


One more example. One of the largest commercial real estate is the brokerage of assets.

one more example one of the largest segments of commercial real estate is the brokerage of assets


Looking ahead, we expect gains on mortgage loans to continue to rise as we have added production capacity

looking ahead we expect gains on mortgage loans to continue to rise as we have added production capacity


We've always said that our appetite will be governed by our assessment of risk, our assessment of reward.

we've always said that our appetite will be governed by our assessment of risk and our assessment of reward


This acquisition represents a strategic expansion and diversification

this acquisition represents a strategic expansion and diversification


And we also see Chinese manufacturers entering the market more intensely.

and we also see chinese manufacturers entering the market more intensely


We're also working on integrating our planning and breaking down the silos as manufacturing has done

we're also working on integrating our planning and breaking down the silos as manufacturing has done


There are, as you point out, a lot of best practices that are available. We've got a whole laundry list of

there are as you point out a lot of best practices that are available we've got a whole laundry list of


and improvement of California's transportation system, providing improved safety and quality of life across the state.

and improvement of california's transportation system providing improved safety and quality of life across the state


Regarding the movement on deal days, the country volatility adjustment is really jiggling around

regarding the movement on these days the country volatility adjustment is really jiggling around


But it goes beyond that. Syndicate of investors are constantly worried about a downturn in the market.

but it goes beyond that semi-cap investors are constantly worried about a downturn in the market


Now, during the first quarter, we also extended our capabilities with Amazon Web Services

during the first quarter we also extended our capabilities with amazon web services


how long it will take. But we are trying our best to expedite and

how long it will take but we are trying our best to expedite and


And so it's a very good aggregation. So we pretty much cover in our merchant silicon,

and so it's a very good application so we pretty much cover in our merchant silicon


Okay. Can you talk to the staffing that you have now in professional services?

okay can you talk to the staffing that you have now in professional services


We believe that we can come up with a scheme that will bring the best value for the company

we believe that we can come up with a scheme that will bring the best value for the company


for us, we look at this as a significant return considering we paid,

for us we look at this as a significant return considering we paid


These reports are available on the company's website in the Investors section and on the SEC's website.

these reports are available on the company's website in the investors section and on the


This was affected by the weather. Also, we had the equipment modification to

this was affected by the weather also we had equipment modification to


at this time, we have no further questions in the queue. I'll turn it back over to management for any additional or closing remarks.

and at this time we have no further questions in the queue i'll turn it back over to management for any additional or closing remarks


And that's what you see forecasted here in the gray bar on the left side.

and that's what you see forecasted here in the gray bar on the left side


And we put the finishing touches on the modernization project at our Ohio Falls hydroelectric facility,

and we put the finishing touches on a modernization project at our ohio falls hydroelectric facility


With higher revenue growth rate, as we've always told you, profitability will scale substantially.

with higher revenue growth rate as we've always told you profitability will scale substantially


in payments. So like a lot of the fueling guys are trying to do mobile things or have your car, turn the pump on. And so,

in payments so like a lot of the fueling guys are trying to do mobile things or have your car turn the pump on and so


and the same conditions pilots are paid here in sterling or even in France in euros,

and the same conditions pilots are paid here in sterling or even in france in euros


having tracked the company for a while know that a lot of that business is driven by the containerboard business, which I thought would have been

having tracked the company for a while know that a lot of that business is driven by the containerboard business which i thought would have been


And as a large local media company, we are uniquely positioned to serve this growing trend.

and as a large local media company we are uniquely positioned to serve this growing trend


In prior quarters, we have shared with you our ongoing refinement of the Healthcare strategy.

in prior quarters we have shared with you our ongoing refinement of the healthcare strategy


To do that, let me first take a step back and set the stage for our interaction with the Food and Drug Administration.

to do that let me first take a step back and set the stage for our interaction with the food and drug administration


We have a substantial amount of inventory available to meet this demand, and our international expansion efforts should continue

we have a substantial amount of inventory available to meet this demand and our international expansion efforts should continue


And we are very excited about this portfolio and our commitment to returning value to our shareholders.

and we are very excited about this portfolio and our commitment to returning value to our shareholders


This quarter's comparison was also partially impacted by a large Location Intelligence deal we closed last year.

this quarter's comparison was also partially impacted by a large location intelligence deal we closed last year


These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.

these statements are not guarantees of future performance and therefore undue reliance should not be placed upon them


to fund our growth expenditures. We believe our investors value the latter, so we have been working within that framework.

to fund our growth expenditures we believe our investors value the latter so we have been working within that framework


right? And that's very competitive what -- with what other, if you will, correspondent banks are paying for

right and that's very competitive with what other if you will correspondent banks are paying for


So that's the only time we've ever found express, and then it was marginal. And

so -- but that's the only time we've ever found express and then it was marginal


in terms of deal size, I'm not really going to put a number on that. I mean, we would

in terms of deal size i'm not really going to put a number on that i mean we would


we need to complete what we have on our plate first to make sure that we have the capacity to take on the next. And that's the really the question we're trying to evaluate

we need to complete what we have on our plate first to make sure that we have the capacity to take on the next and that's really the question we're trying to evaluate


I'd like to remind everyone again of the impact that the 2 merger closings in January

i'd like to remind everyone again of the impact that the 2 merger closings in january


all for one flat rate and at a fraction of the cost of standard phone and VoIP providers.

all for one flat rate and at a fraction of the cost of standard phone and voip providers


we had clearly been overshooting internally on the targets. So our new targets

we had clearly been overshooting internally on the target so our new targets


And those 2 facts really help inform how we look going forward at stores.

and those 2 facts really help inform how we look going forward at stores


as far as this set of issues is concerned then, I think, we have a very good handle on it.

as far as this set of issues is concerned then i think we have a very good handle on it


I wish them the best of luck. And I can tell you that they're working as hard as they possibly can to make Myers a better company.

i wish them the best of luck and i can tell you that they are working as hard as they possibly can to make myers a better company


Even as we focus on new growth areas, we continue to deliver solid performance across each of our business segments.

even as we focus on new growth areas we continue to deliver solid performance across each of our business segments


we know exactly what we are after. And what I think is important is to look at it from a different angle.

we know exactly what we are after and what i think is important is to look at it from a different angle


Now additionally, through the business review, we're going to be taking a look at everything. We're going to take a look at expenses.

now additionally through the business review we're going to be taking a look at everything we're going to take a look at expenses


I will now give you more details regarding the financial results before taking your questions.

i will now give you more details regarding the financial results before taking your questions


as you move to the table on the right, there on the chart, you also see the most significant movement year-on-year was the lower

and as you move to the table on the right there on the chart you also see the most significant movement year-on-year was the lower


really new standards and requirements for Medicaid long-term services and supports. And Rich spoke to a number of those.

really new standards and requirements for medicaid long-term services and supports and rich spoke to a number of those


multiple regulatory climates because they exist across international borders that they can accomplish that with our platform.


and meet with the facility management staff to ensure all appropriate resources were available to the facility and staff.


Two, we have learned from our 19-year experience and developed a very strong brand

two we have learned from our 19-year experience and developed a very strong brand


all provided as a service on a single billing support and financing relationship.


Fleet trials are currently underway with several agencies, and we have already received notice we've been awarded several contracts.

fleet trials are currently underway with several agencies and we have already received notice we've been awarded several contracts


recommending approval, which marks our second developed product to achieve this regulatory milestone

recommending approval which marks our second developed product to achieve this regulatory milestone


Carl, I've never done this before, but I'm actually going to go back in the queue and ask you to come back to me later on.

carl i've never done this before but i'm actually going to go back in the queue and ask you to come back to me later on


Since we have our biggest quarters in front of us, it's our intention to build on the results of the December quarter.

since we have our biggest quarters in front of us it's our intention to build on the results of the december quarter


to the antigens in the vaccine is the first crucial step to proving the concept for the vaccine.


leave much headroom for improvement in both immunological and clinical responses.


Our approach to value creation that we talked about also in February when we met,

our approach to value creation that we talked about also in february when we met


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


We brought on a Capital Planning Manager to build out our DFAST capabilities

we brought on a capital planning manager to build out our dfas capabilities


But we're also quite confident that the businesses are performing at high levels and that we can produce very good returns for our shareholders,

but we're also quite confident that the businesses are performing at high levels and that we can produce very good returns for our shareholders


should we -- I appreciate what you're trying to do here is show the margin improvement, but I guess how long

should we -- i appreciate what you're trying to do here is show the margin improvement but i guess how long


Our business is built on the premise of making it easier for our customers to grow their businesses.

our business is built on the premise of making it easier for our customers to grow their businesses


The Southwest in Texas it's more probably a little bit more story of recovering from some dropoff from energy.

the southwest and texas is more -- probably a little bit more story of recovering from -- some drop-off from energy


before taking into account any other cost and expenses associated with the offering of these services.

before taking into account any other costs and expenses associated with the offering of these services


So in summary, our underlying performance in the first half came in largely as expected,

so in summary our underlying performance in the first half came in largely as expected


We are fully committed to this task which we believe will result in substantial value creation for our shareholders.

we are fully committed to this task which we believe will result in substantial value creation for our shareholders


So I just -- I see that kind of stuff and say that's going to start flowing through. So to say that we switched gears on that,

so i just -- i see that kind of stuff and say that's going to start flowing through so to say that we'd switch gears on that


that there is a space for us as a trusted adviser and a trusted player in the data insights


was reflective of changing provincial pricing arrangements led by the Zhejiang province.

was reflective of changing provincial pricing arrangements led by the zhejiang province


We expect to conclude deployment activities at the Indiana and Florida ABMs by early 2018. The

we expect to conclude deployment activities at the indiana and florida abms by early 2018 we


although the business did experience some higher costs on utilities, repairs and tooling maintenance.

although the business did experience some higher costs on utilities repairs and tooling maintenance


a lot of the projects in In-Line Instrumentation which are process related and also on the mining side,

a lot of the projects in inline instrumentation which are process related and also on the mining side


In response to this accident, each of the Norwegian and U.K. Civil Aviation Authorities

in response to this accident each of the norwegian and u k civil aviation authorities


And owning a significant fleet of vessels also means that we will have to continuously renew and diversify the fleet.

and owning a significant fleet of vessels also means that we will have to continuously renew and diversify the fleet


and part of this reflects the quality of talent that we are


that we have at Holt and call it a day. But we also see if we can make some significant investments in capital and development.

that we have at holt and call it a day but we also see if we can make some significant investments in capital and development


While these products continued to be adversely impacted by reduced spending in oil and gas exploration,

while these products continue to be adversely impacted by reduced spending in oil and gas exploration


Please remember to refer to the forward-looking statements disclosure on Page 7 of the company's earnings press release.

please remember to refer to the forward-looking statements disclosure on page 7 of the company's earnings press release


when adjusting for the negative impact of foreign exchange and gains from limited partnership investments.


But this is a project that's been in the works for a number of months, and the team has just done a terrific job of

but this is a project that's been in the works for a number of months and the team has just done a terrific job


And finally, our small Southeast Asian business grew EBIT with growth in Vietnam a key driver.

and finally our small southeast asian business grew ebit with growth in vietnam a key driver


Each year, we update our expense tables to incorporate an additional year of information.

each year we update our experience tables to incorporate an additional year of information


I think on the D side, it's much more -- there has been some construction supported by

i think on the d side it's much more -- there has been some construction supported by


last few quarters. We have emphasized consistency right from the beginning of this year.

last few quarters we have emphasized consistency right from the beginning of this year


To sum up the economy, the majority of key economic indicators have shown signs of improvement for several years,

to sum up the economy the majority of key economic indicators have shown signs of improvement for several years


if we think about the pattern that we've seen in recent years, is it still

if we think about the pattern that we've seen in recent years is it still


Now before I hand the call back over to Kevin, I want to take a moment to recognize him.

now before i hand the call back over to kevin i want to take a moment to recognize him


The proposed framework, much of which we support, represents a fairly material departure from the current model.

the proposed framework much of which we support represents a fairly material departure from the current model


This gives me the confidence that we are on track to deliver our medium-term guidance

this gives me the confidence that we are on track to deliver our medium-term guidance


just reflecting increased testing to tune and refine the program, which the team is doing a great job on. Increasingly,

it's just reflecting increased testing to tune and refine the program which the team is doing a great job on increasingly


But we're really focused on kind of the reputational things that we believe are important to our consumers

but we're really focused on kind of the reputational things that we believe are important to our consumers


There are even cases where we are entrusted with their whole businesses.

there are even cases where we are entrusted with their whole businesses


we're working on. And again, we're pretty -- we're disciplined about how we do it. So we feel good about the pipeline and

and we're working on them and again we're pretty -- we're disciplined about how we do it so we feel good about the pipeline and


and fee opportunities that make it a great contributor to our focus on economic profitability.


I am going to start by covering the highlights of the quarter and the transformative changes we've executed during the past year,

i'm going to start by covering the highlights of the quarter and the transformative changes we have executed during the past year


And that helps to add value. So when you look at Telstra, when you look at MTN, when you look at some of the others,

and that helps to add value so when you look at telstra and you look at mtn when you look at some of the others


increasing capacity in Taiwan that would support the growth of some of the customers in China?

increasing capacity in taiwan that would support the growth of some of the customers in china


The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.

the company assumes no obligation to update or supplement any statements that become untrue because of subsequent events


Sure. I mean, it's always -- as you can imagine, you'd love to at one level think everybody loves you and would never leave you.

sure i mean it's always -- as you can imagine you'd love to at one level think everybody loves you and would never leave you


We continue to expect other revenue and other income to decline by approximately 15 basis points

we continue to expect other revenue and other income to decline by approximately 15 basis points


over the last several years because it wasn't very quality service. We've now created an ability, working with

over the last several years because it wasn't very quality service we've now created an ability working with


I'll now turn it over to Tim to take us through our results for the quarter and then I'll come back to discuss a look forward.

i'll now turn it over to tim to take us through our results for the quarter and then i'll come back to discuss a look forward


This is partly driven by direct or indirect regulation, like in the case of the requirement

this is partly driven by direct or indirect regulation like in the case of the requirement


planning to prepare for the ongoing renewables and how important CCGTs are to backstop that.

planning to prepare for the ongoing renewables and how important cpjts are to backstop that


that were last year that I would say maybe their natural growth rate over the last few years has been low single digit,

that were last year that i would say maybe their natural growth rate over the last few years has been low single digit


And I think that's a good thing, just like it's a good thing to be a responsible taxpayer or to

and i think that's a good thing just like it's a good thing to be a responsible taxpayer or to


Given the market environment and our outlook, we are in the process of taking further actions to adjust our business.

given the market environment and our outlook we're in the process of taking further actions to adjust our business


based on the positive reaction we received to the new collection. I am confident that we are on the right path.

based on the positive reaction we received to the new collection i am confident that we are on the right path


they are capable of performance. And they're capable of performance depending upon whether or not the enterprise

they are capable of performance and they're capable of performance depending upon whether or not the enterprise


But people are kind of excited about the opportunity there and what can happen with the direct sales force.

but people are kind of excited about the opportunity there and what can happen with the direct sales force


moving processes for the first time tend to do so on an FTE basis that allows us to provide

moving processes for the first time tend to do so on an fte basis it allows us to provide


volume in the continuing product seems to be growing less than the end market growth rates of pharma and coatings and

volume in that continuing product seems to be growing less than the end market growth rates of pharma and coatings and


Since these assumptions are based on current expectations and involve assumptions that are difficult,

since these assumptions are based on current expectations and involve assumptions that are difficult


and just not go back in. But recognizing the amount of investment, we're going to have to make that sometimes gets difficult.

and just not go back in by recognizing the amount of investment we're going to have to make that sometimes gets difficult


We did get some very good regulatory relief and stability going forward,

we did get some very good regulatory relief and stability going forward


And then next year, we will essentially assess and monitor how all that's working. And from that,

and then next year we will essentially assess and monitor how all that's working and from that


which is also up over third quarter last year, of course as a result of better operational

which is also up over third quarter last year of course as a result of better operational


because we were so concerned about the amount of stock we were willing to sell and the price at which we were willing to sell it.


The results have been very positive, and to illustrate the benefits, let me share a few comparisons with you.

the results have been very positive and to illustrate the benefits let me share a few comparisons with you


We believe we are well positioned to not only deliver the new reporting but to drive improvement in this key area.

we believe we are well positioned to not only deliver the new reporting but to drive improvement in this key area


for those that exit. I think in terms of exit charges, so I think I'll refer to the fact that

for those that exit i think in terms of exit charges so i think i'll refer to the fact that


But when you look at the current market and you look at fuel prices where they are and see how

but when you look at the current market and you look at fuel prices where they are and see how


We successfully rebranded the company and still maintained our ties to our heritage.

we successfully rebranded the company and still maintained our ties to our heritage


We often point out that there are quarterly swings in many line items and try to look at numbers on a full year basis.

we often point out that there are quarterly swings in many line items and try to look at numbers on a full year basis


let me give you some sense of those. Some of them are simply that

let me give you some sense of those some of them are simply that


Proved developed reserve additions, positive performance revisions and the improvement in commodity prices

proved developed reserve additions positive performance revisions and the improvement in commodity prices


Cable is working there and so is mobile. Three, our home business continues to perform exceptionally well.

cable is working there and so is mobile three our home business continues to perform exceptionally well


We resolved the XIFAXAN IP litigation and expect to preserve market exclusivity for our top product

we resolved the xifaxan ip litigation and expect to preserve market exclusivity for our top product


Many of you know this product has been a core bedrock of our portfolio over the past 9 years. However,

many of you know this product has been a core bedrock of our portfolio over the past 9 years however


We're pleased to report strong growth and performance across our businesses on behalf of those we serve.

we're pleased to report strong growth and performance across our businesses on behalf of those we serve


In addition, private label continued to grow market share, particularly in the lower value conventional segment.

in addition private label continued to grow market share particularly in the lower value conventional segment


In this presentation and in our remarks, we will be discussing our results on an adjusted basis, unless otherwise noted.

in this presentation and in our remarks we will be discussing our results on an adjusted basis unless otherwise noted


that fit perfectly with the portfolio of top ranked television stations that Gray makes so special.

that fit perfectly with the portfolio of top-ranked television stations that gray makes so special


Our businesses have continued to perform well, generating savings for customers and delivering value for our shareholders.

our businesses have continued to perform well generating savings for customers and delivering value for our shareholders


of our project backlog. Historically, our commercial focus has allowed us to maintain

of our project backlog historically our commercial focus has allowed us to maintain


The improved labor productivity wasn't sufficient to offset a 70 basis point increase in material costs,

the improved labor productivity wasn't sufficient to offset a 70 basis point increase in material costs


if that will be accurate. But today, it looks like the trough. And so we see clear acceleration of

if that will be accurate but today it looks like the trough and so we see clear acceleration of


Okay. And you guys made a pretty big change to the existing customer rate increase program last year

okay and you guys made a pretty big change to the existing customer rate increase program last year


And is a portion of that business already in the unbilled receivables or that would

and is a portion of that business already in the unbilled receivables or that would


at a low cost will be rewarded in the future, and we intend to continue to deliver top quartile results,

at a low cost will be rewarded in the future and we intend to continue to deliver top quartile results


The change took place as of January 1, and I'm pleased to say that it has gone extremely well.

the change took place as of january 1 and i'm pleased to say that it has gone extremely well


or impact us as far as actually cash tax payments are concerned, but effectively that will be offset by growth in rate base.

or impact us as far as actually cash tax payments are concerned but effectively that will be offset by growth in rate base


This method of recognition tends to be driven by the product load-ins to the wholesalers which can be lumpy.

this method of recognition tends to be driven by the product load-ins to the wholesalers which can be lumpy


that come to the operator with that. And now what that means though is that when you double your completion activity,

that come to the operator with that and now what that means though is that when you double your completion activity


we expect this growth to continue into Q2 and then perform in the low single digits for the balance of the year.

and we expect this growth to continue into q2 and then perform in the low single digits for the balance of the year


premium and effectively compete in the luxury price points while driving upper-upscale margin performance.

premium and effectively compete in the luxury price points while driving upper upscale margin performance


I think the focus is going to be on asset management and being really careful and making sure we hit our numbers

i think the focus is going to be on asset management and being really careful and making sure we hit our numbers


The increase in revenues stems mainly from higher fabrication levels throughout the corporation's operational units.

the increase in revenues stems mainly from higher fabrication levels throughout the corporation's operational units


the performance of our shares that you are aware


Our international commercial strategy for keratoconus is built on the foundation of working closely

our international commercial strategy for crestor is built on the foundation of working closely


have not changed materially to the negative or the positive. I'd say that they are in very much healthy ranges.

have not changed materially to the negative or the positive i'd say that they're in very much healthy ranges


The global LP community ranging from sovereign wealth funds to retirement systems, to high net worth investors

the global lp community ranging from sovereign wealth funds to retirement systems to high net worth investors


it is. They know how important it is to save money on their data costs. What they haven't seen

it is -- they know how important it is to save money on their data costs what they haven't seen


But in the beginning of the call, I think, one of you mentioned that you thought that the price of the stock was

but in the beginning of the call i think one of you mentioned that you thought that the price of the stock was


is to reorganize working with the contractor, the work fronts, put additional resources from the owners as well as CPChem on that

is to reorganize working with the contractor the work fronts put additional resources from the owners as well as cpchem on that


I'd like to share 2 of our notable customer stories with you to underscore the business outcomes customers are experiencing on the platform.

i'd like to share 2 of our notable customer stories with you to underscore the business outcomes customers are experiencing on the platform


published a preliminary report demonstrating meaningful responses in patients with castration-resistant prostate cancer


However, we will continue to highlight what makes Crane special and differentiates us as an organization.

however we will continue to highlight what makes crane special and differentiates us as an organization


starting titer prior to the annual booster, which is the green. And here you can see that we see a boost effect,

starting tighter prior to the annual booster which is the green and here you can see that we see a boost effect


now enjoy the Hamburg experiences and already now visiting the fish market on Sunday morning,

we now enjoy the hamburg experiences and already now visiting the fish market on sunday morning


on how we will be deploying our capital in line with the strategic priorities which Stefan just presented.

on how we will be deploying our capital in line with the strategic priorities which stefan just presented


on both of those and we feel good about what that means for meeting our objectives for the second quarter.


and announced major savings programs and staff reductions. This will have an impact

and announced major savings programs and staff reductions this will have an impact


With various new growth and development projects, we have entered the next cycle in our evolution.

with various new growth and development projects we have entered the next cycle in our evolution


Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect.

ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may all disconnect


it. The future of measurement is a hybrid approach, putting the 2 together, having the best of both worlds.

the future of measurement is a hybrid approach putting the 2 together having the best of both worlds


In addition, new contracts with large hospital groups are also helping to drive growth.

in addition new contracts with large hospital groups are also helping to drive growth


This quarter has given us added confidence that we are making use of the right tools and getting the right results.

this quarter has given us added confidence that we are making use of the right tools and getting the right results


Now before we go into Marburg, just one general comment. For me

now before we go into marburg just one general comment for me


Both revenue and profit growth were driven by solid execution on a diverse portfolio of work.

both revenue and profit growth were driven by solid execution on a diverse portfolio of work


Let's take that money and do it targeted in particular cities where the take rate is

let's take that money and do it targeted in particular cities where the take rate is


We generated higher earnings, declared higher dividends and continued on our transformation path.

we generated higher earnings declared higher dividends and continued on our transformation path


We also signed a contract for workforce housing and operational support services for 3 camps

we also signed a contract for workforce housing and operational support services for 3 camps


Given our concentration on our regulated businesses and our focus on transmission and distribution,

given our concentration on our regulated businesses and our focus on transmission and distribution


The sentiment is not shared by your board or management for the following reasons.

this sentiment is not shared by your board or management for the following reasons


Earlier, you said that you are trying to create a qualitative change in the food industry.

earlier you said that you are trying to create a qualitative change in the food industry


We should take advantage of this improvement in Germany in the future.

we should take advantage of this improvement in germany for the -- in the future


is that the economics on this would not be achievable with just a wholesale product.


much of which are by way of infill on vacant land we already own.


There's 5 issues I'd like to raise for you to take into consideration from this call. First,

there's 5 issues i'd like to raise for you to take into consideration from this call first


Okay, okay. And did I hear it correctly that you already dosed the second high-dose

okay okay and did i hear it correctly that you already dosed the second high dose


the improvement in the underlying profitability of your franchisees? And as you do these valuations on a quarterly basis,

the improvement in the underlying profitability of your franchisees and as you do this valuation on a quarterly basis


All right. And then on the guidance, what kind of organic growth rate are you guys expecting in the second half of the year?

all right and then on the guidance what kind of organic growth rate are you guys expecting in the second half of the year


devastating disease, and a disease that only really manifest in children because no one ever lives into adulthood.

devastating disease and a disease that only really manifests in children because no one ever lives into adulthood


as well as proof of concept for our Fabry and Pompe gene therapy programs.

as well as proof of concept for our fabry and pompe gene therapy programs


in the Nordic segment and in the German segment. France has a calendar effect of roughly 1 day in that quarter.

in the nordic segment and in the german segment france has a calendar effect of roughly 1 day in that quarter


The performance reflects that there was no big publishing trend to match last year's strong spoof humor books.

the performance reflects that there was no big publishing trend to match last year's strong spoof humor books


In addition, there is a longer lag time with sales to recognizing revenue.

in addition there is a longer leg time with sales to recognizing revenue


The consolidated results are a continuation of our performance from the fourth quarter of our last fiscal year.

the consolidated results are continuation of our performance from the fourth quarter of our last fiscal year


So now the company are looking for the best way to refinance in the market.

so now the company are looking for the best way to refinance in the market


we expect revenue to increase approximately 3% to 4% compared to the prior year


comment on their reaction, but I think everybody would focus on the same thing. There's 3 years left to run

comment on their reaction but i think everybody would focus on the same thing there's 3 years left to run


In both diseases, it is understood that it's the overproduction of glyoxylate from a different

in both diseases it is understood that it's the overproduction of glyoxylate from a different


So that deflated our operating cash flow in the first half as well.

so that deflated our operating cash flow in the first half as well


the outstanding caliber of our people and their ability to win new business and support the needs of our clients.


there is no specific set of talks we would be involved in right now.

there's no specific set of talks we would be involved in right now


It is a commitment that we make as an organization. As a matter of fact, the new mission that we created,

it is a commitment that we make as an organization as a matter of fact the new mission that we created


Thank you again for participating in today's conference call. You may now disconnect.

thank you again for participating in today's conference call you may now disconnect


The approved tax agreement also included a provision to extend our revenue sharing and earnings support mechanism

the approved tax agreement also included a provision to extend our revenue sharing and earnings support mechanism


In the second quarter, we delivered on this commitment with improvements in nearly all of our end markets becoming more evident.

in the second quarter we delivered on this commitment with improvements in nearly all of our end markets becoming more evident


clearly, third quarter will be our best quarter of the year. And as we said, we expect every quarter to be up over last year.

clearly third quarter will be our best quarter of the year and as we said we expect every quarter to be up over last year


we are doing more strategic deals than we have done in recent quarters through our enterprise account sales group.

we're doing more strategic deals than we have done in recent quarters through our enterprise account sales group


For the full year, our underlying revenue growth was in the high single digit,

for the full year our underlying revenue growth was in the high single digits


And in both cases, we're really trying to understand more about the kind of clients that we attract

and in both cases we're really trying to understand more about the kind of clients that we attract


As we begin, I would like to remind participants that this conference call may contain certain forward-looking statements.

as we begin i would like to remind participants that this conference call may contain certain forward-looking statements


to increase our service capacity and to make sure that we have the best trained technicians in the industry.


I'm not -- I don't have great predictions of those 3 items each quarter, just

i'm not -- i don't have great predictions of those 3 items each quarter just


Maybe if you could just talk about where we should be looking for potential reserve resource increases at the end of the year?

maybe if you could just talk about where we should be looking for potential reserve resource increases at the end of the year


will be between 3% to 5%, but it will be skewed towards the second half this time, much like it was

will be between 3% to 5% but it will be skewed towards the second half this time much like it was


and their businesses they sell into every day. So we think that, that could be a real game changer if it happens.

and there are businesses that they sell into every day so we think that that could be a real game changer if it happens


was it maintenance or downtime that caused it? Or are there other inflationary pressures we should be aware of?

was it maintenance or downtime that caused it or are there other inflationary pressures we should be aware of


I think both changes were done for good reasons and will help us,

i think both changes were done for good reasons and will help us


for the same period in 2015. The decrease in net loss per share in the most recent quarter

for the same period in 2015 the decrease in net loss per share in the most recent quarter


meaning we are the landlord of the properties operated by third-party tenants under our CoreCivic Properties portfolio.

meaning we are the landlord of the properties operated by third-party tenants under our corecivic properties portfolio


But until we begin to realize the results from these initiatives, we will continue to manage expenses

but until we begin to realize the results from these initiatives we will continue to manage expenses


on the factors that can cause actual results to differ materially from those projected in any forward-looking statement.


Please let me share with you how we see foreign exchange impacting our fiscal '17 results.

please let me share with you how we see foreign exchange impacting our fiscal '17 results


And so it is just a myriad of different things, depending on the vertical market,

and so it is just a myriad of different things depending on the vertical market


Factors that could cause actual results and trends to differ materially are set forth in today's letter to stockholders

factors that could cause actual results and trends to differ materially are set forth in today's letter to stockholders


and withdrawal of a few meaningful competitors, all point to premium growth in this area.

and the withdrawal of a few meaningful competitors all point to premium growth in this area


we all are in line with our own estimates when it comes to Industrial and order intake,

we are in line with our own estimates when it comes to industrial and order intake


customers that we supply private label to that we are eager to continue because it adds value for both parties.


Including this fiscal year, we are projecting achieving a new record high for a third consecutive year.

including this fiscal year we are projecting achieving a new record high for a third consecutive year


come down from the 30% or so we had in the previous years probably slowly.


fourth quarter, it seemed like most of the guidance increase for this year reflected

fourth quarter it seemed like most of the guidance increase for this year reflected


More specific to our fourth quarter outlook as well, we expect our fourth quarter results will reflect

more specific to our fourth quarter outlook as well we expect our fourth quarter results will reflect


And new owners typically don't. And so the default experience is not materially

and new owners typically don't and so the default experience is not materially


type of stuff going into the future. And we need to focus on deepening our relationships with those

type of stuff going into the future and we need to focus on deepening our relationships with those


you just watch the TV and it's happening now in Europe. You can't have

you can just watch the tv and it's happening now in europe you can't have


our conventional gas drilling program in the Netherlands and our light oil development projects in France, to name a few.

our conventional gas drilling program in the netherlands and our light oil development projects in france to name a few


We continue to work closely with our partner on new customer acquisition and marketing efforts.

we continue to work closely with our partner on new customer acquisition and marketing efforts


expect to see a wider age demographic and a broader definition of activity beyond just competition.


As a reminder, I would like to reiterate that we expect our breast product sales to remain steady in similar to 2016 levels

as a reminder i would like to reiterate that we expect our breast product sales to remain steady and similar to 2016 levels


Second, a key component of our turnaround involves reinvigorating our culture and improving our execution capabilities.

second a key component of our turnaround involves reinvigorating our culture and improving our execution capabilities


We no longer have any convertible debentures outstanding. And we are a company that generates a significant amount of cash flow,

we no longer have any convertible debentures outstanding and we are a company that generates a significant amount of cash flow


I would say the more normal level. And by the end of the quarter, we're back to what would be historic

i would say the more normal level and by the end of the quarter we're back to what would be historic


you. That concludes our comments. The operator will take your questions now.

thank you that concludes our comments the operator will take your questions now


The balance of the increase was a result of higher fourth quarter advertising, technology and donation expenses.

the balance of the increase was a result of higher fourth quarter advertising technology and donation expenses


and supporting absolutely our key customers, be it our retail partners or our trade painters,

and supporting absolutely our key customers be it our retail partners or our trade painters


While our Q1 results exceeded our plan, Red Dead Redemption 2 moving out of our fiscal year

while our q1 results exceeded our plan red dead redemption ii moving out of our fiscal year


we will miss the dedication and leadership he's brought our company, and we congratulate Nick on his retirement and wish him well.

we will miss the dedication and leadership he brought to our company and we congratulate nick on his retirement and wish him well


We'll continue to bring clinical sites online and expect 4 to 5 other sites to be initiated during November,

we'll continue to bring clinical sites online and expect 4 to 5 other sites to be initiated during november


Ladies and gentlemen, thank you for your participation. This does conclude our call for today. You may now disconnect.

ladies and gentlemen thank you for your participation this does conclude our call for today you may now disconnect


A link to our live webcast and the slides for today's discussion are also posted on our website.

a link to our live webcast and the slides for today's discussion are also posted on our website


So what we're looking for in TRINITY is something that really changes that picture, something that shows response rates that are

so what we're looking for in trinity is something that really changes that picture something that shows response rates that are


to start. They usually use other funding sources and so forth. So I don't think a big impact there. I think mid-size businesses

to start they usually use other funding sources and so forth so i don't think a big impact there i think midsized businesses


Yes, Blake. It is a little bit low and it's -- it really reflects the mix effect of

yes blake it's -- it is a little bit low and it's -- it really reflects the mix effect of


As previously mentioned, we've reduced our drilling to preserve capital resources and liquidity in the near term.

as previously mentioned we've reduced our drilling to preserve capital resources and liquidity in the near term


So are you saying then that the best estimate for us is to look at

so are you saying then that the best estimate for us is to look at


the need for a separate REMS would have been the exact same answers if you had asked about the previous settlements we reached

the need for a separate rems would have been the exact same answers if you had asked about the previous settlements we reached


In summary, strong leasing activity in our operating portfolio and continued focus on

in summary strong leasing activity in our operating portfolio and continued focus on


During this tenure, we've executed against a number of strategic initiatives to better ourselves as a company and as a brand.

during this tenure we've executed against a number of strategic initiatives to better ourselves as a company and as a brand


x percent of sales or replacement cost, what is your thought as far as expected valuation ranges on deals?

x percent of sales or replacement cost what is your thought as far as expected valuation ranges on deals


Statements made throughout this presentation are based on current estimates of future events and speak only as of today.

statements made throughout this presentation are based on current estimates of future events and speak only as of today


proposed rule is in the comment stage, and we do not know if these incremental changes will be sustained.

the proposed rule is in the comment stage and we do not know if these incremental changes will be sustained


the price of oil will always go up but it will go down. This is what's going to happen. But I think our underlying trend of results is really

the price of oil will always go up and it will go down this is what's going to happen but i think our underlying trend of results is really


What it does mean, though, is we have a very viable option, given the maturity of this SKY

what it does mean though is we have a very valuable option given the maturity of this sky


And it allows us to more effectively utilize an asset

and it allows us to more effectively utilize an asset


was an encouraging pickup in volume in the fourth quarter, reflecting the benefits of Connected 4 Growth.

there was an encouraging pickup in volume in the fourth quarter reflecting the benefits of connected for growth


from Spain and imported it into Dundee in the northeast of England. So that gives us a lot of more flexibility going forward.

from spain and imported it into dundee in the northeast of england so that gives us a lot more flexibility going forward


So as unhappy as I am about any instability in the world anywhere, as a global citizen,

so as unhappy as i am about any instability in the world anywhere as a global citizen


analysis of takeaway capacity in projects that are announced. What I will tell you is

analysis of takeaway capacity and projects that are announced what i will tell you is


The top half of the sales team, that is the top 40 sales professionals, generated revenue

the top half of the sales team that is the top 40 sales professionals generated revenue


by any means, a theme for next year. We're going to have to continue to do what we do in pricing, continue to do what we do on mix,

by any means a theme for next year we're going to have to continue to do what we do on pricing continue to do what we do on mix


So it would be slightly more exaggerated. It would be more exaggerated in the Berkeley Point side of that equation.

so it would be slightly more exaggerated -- it would be more exaggerated in the berkeley point side of that equation


The losses as they are today were in a way expected but not acceptable.

the losses as they are today were in a way expected but not acceptable


The meeting will certainly cover CMC. It's our intention to cover all aspects of the program. And

the meeting will certainly cover cmc it's our intention to cover all aspects of the program and


this is an area where it's harder than it used to be in the past to roll forward price increases.


And so if the market offers good opportunities, as we saw in -- from time to time during the course of this year, we'll continue to do that.

and so if the market offers good opportunities as we saw from time to time during the course of this year we'll continue to do that


Inevitably, this referendum result is having some impact on consumer confidence and on investment decisions.

inevitably this referendum result is having some impact on consumer confidence and on investment decisions


impose a high threshold for revenue recognition, particularly for a company that is launching its first commercial product.

impose a high threshold for revenue recognition particularly for a company that is launching its first commercial product


And with that, I'll turn it over to Ken to give you a little bit more detail around our financial review.

and with that i'll turn it over to ken to give you a little bit more detail around our financial review


Fortunately, the benefits that we continue to realize from our cost down progress were able to offset the headwinds from this product

fortunately the benefits that we continue to realize from our cost-down progress were able to offset the headwinds from this product


I think the opposite of the case. When I look at the integrations work that

i think the opposite is the case when i look at the integrations work that


They can also redirect shipments to hold at a FedEx Office or a FedEx Onsite location for pickup.

they can also redirect shipments to hold at a fedex office or a fedex onsite location for pickup


This has allowed us to start stability testing, which is the rate-limiting step for our planned submission.

this has allowed us to start stability testing which is the rate limiting step for our planned submission


pricing improvements and a mix of higher value waste streams into our disposal network.


being the largest in both of our markets that we've got the ability


it's informing our capital recycling decisions, right? It's part of why that will always be part of our plan.

it's informing our capital recycling decisions right it's part of why that will always be part of our plan


which reflects the fact that even on a smaller portfolio, we've leased more space,

which reflects the fact that even on a smaller portfolio we've leased more space


as you -- as the Telecom business continues to burn it a little bit?

as you -- as the telecom business continues to burn it a little bit


it. In terms of EPS, it was also a good quarter

in terms of eps it was also a good quarter


Having said that, I think my brother actually asked all my questions, but I would like some color on

having said that i think my brother actually asked all my questions but i would like some color on


at a price that's not advantageous to you. So if they were shut down for maintenance

at a price that's not advantageous to you so if they were shut down for maintenance


I think that's where we're going to be, but I don't think we've gone out and given you a number of guidance in terms of percentage points

i think that's where we're going to be but i don't think we've gone out and given you a number of guidance in terms of percentage points


I think we are well positioned as evidenced by the overall growth rate that we've seen in that market compared to the growth rate of downstream in Asia.

i think we are well positioned as evidenced by the overall growth rate that we've seen in that market compared to the growth rate of downstream in asia


Our focus on online to off-line measurement throughout the year helped us capitalize on the holiday season.

our focus on online to off-line measurement throughout the year helped us capitalize on the holiday season


better than the other from achieving turn rates. I think that what we know is that

better than the other from achieving return rates i think that what we know is that


The discussion of each segment will provide more detail on the largest drivers that led to a decline in the consolidated results.

a discussion of each segment will provide more detail on the largest drivers that led to a decline in the consolidated results


we're on the formulary now as of this week. But each individual hospitals and each individual business is going to then have to go through the paperwork

we're on the formulary now as of this week but each individual hospital and each individual business is going to then have to go through the paperwork


as they face financial challenges and see our services as a ready source of cost savings.


which is expected to reduce both volume and profitability of our energy businesses.


change it, and we can't order up a new one. We have to work within it. And this investment

change it and we can't order up a new one we have to work within it and this investment


I think we've done the right thing to get us through '17. I am

i think we've done the right thing to get us through '17 i am


as some of our competitors who are much more experienced in this area,


but is also driving an increase in compensation, a trend we expect to continue throughout the year.

but is also driving an increase in compensation a trend we expect to continue throughout the year


is a hereditary disorder with progressive muscle weakness and its major pathology


And has employee retention been an issue and the ability to keep the workforce focused on critical programs?

and has employee retention been an issue and the ability to keep the workforce focused on critical programs


as we have worked through a number of issues, including the completion of the independent Audit Committee investigation,

as we have worked through a number of issues including the completion of the independent audit committee investigation


But every time we think about things, we think about it in relation to what it allows us to do strategically.

but every time we think about things we think about it in relation to what it allows us to do strategically


Would that be a separate filing per se? Or is it possible that, that could be

would that be a separate filing per se or is it possible that that could be


The campaign will focus on taste and great ingredients in a way that clearly differentiates Chipotle from the competition.

the campaign will focus on taste and great ingredients in a way that clearly differentiates chipotle from the competition


Now talk about crazy. I think that is a world record of not making any sense.

now talk about crazy i think that is a world record of not making any sense


will continue to stay flat. As I said, the reduction recently in last quarter

will continue to stay flat as i said the reduction recently in last quarter


we see that the demand is increasing as well in South America right now based on price of copper

but we see that the demand is increasing as well in south america right now based on price of copper


The strong cash generation has enabled us to further improve our balance sheet,

the strong cash generation has enabled us to further improve our balance sheet


although we do expect this to be greater than 1% again in the second quarter, which is similar to the first quarter.

although we do expect this to be greater than 1% again in the second quarter which is similar to the first quarter


So we appreciate your continuing support of Reis. And thank you, and have a good day.

so we appreciate your continuing support of reis and thank you and have a good day


for the most part, the focus now is on generating revenue. And as you can see,

for the most part the focus now is on generating revenue and as you can see


So the market actually comes down 14%, but if you look at the purchase market, it goes up.

so the market actually comes down 14% but if you look at the purchase market it goes up


So what this lets us do is print on that film that is turned into the bags for the food or medical products, wherever they might be.

this lets us do is print on that film that is turned into the bags for the food or medical products wherever they might be


We continue to work with local providers in innovative ways to supplement our contracted provider network.

we continue to work with local providers in innovative ways to supplement our contracted provider network


and I will come to that in more detail if you flip the page, please.

and i will come to that in more detail if you flip the page please


And also, can you update us on any modifications we've seen here in corporate governance? I may have missed that point.

and also can you update us on any modifications we've seen here in corporate governance i may have missed that point


due primarily to the support of marketing initiatives, increased labor expense and the filling of vacant positions in the field.

due primarily to the support of marketing initiatives increased labor expense and the filling of vacant positions in the field


when a larger agency was having some system difficulties and halted funding and paying awards.

when a large agency was having some system difficulties and halted funding and paying awards


while we had very positive peak volume coming from Indonesia and the Taiwan.

while we had very positive peak from -- coming from indonesia and taiwan


the modernization of the chemistry as well as the bridge or comparators to


The decrease was driven primarily by lower sales to our Alternative Carrier, wireless and cable TV customers.

the decrease was driven primarily by lower sales to our alternative carrier wireless and cable tv customers


Actually, many small players thrive in this kind of cities.

actually many small players thrive in this kind of cities


more efficient local organizations and local synergies. As you can see on this slide,

more efficient local organizations and local synergies as you can see on this slide


driven by a cyclical upswing? Or are these businesses really stronger than you expected a couple of years ago?

driven by a cyclical upswing or are these businesses really stronger than you expected a couple of years ago


was not quite easy for me to get your first question. Could you maybe repeat the point?

it was not quite easy for me to get your first question could you maybe repeat the point


we have to continue to refresh. The premiums are called that for a reason and they get a premium price.

we have to continue to refresh the premiums are called that for a reason and they get a premium price


With that now, I would like to turn the call back to Sam, who'll provide more detail on our financial performance

with that now i would like to turn the call back to tam who will provide more detail on our financial performance


So I think there's certainly some opportunity to see some enhanced growth on the consumer side.

so i think there's certainly some opportunity for -- to see some enhanced growth on the consumer side


a large part of that was also due to the growth of Losango, who

a large part of that was also due to the growth of rosango who


Significant improvement in selling costs, and this is because of new contracts being agreed

significant improvement in selling costs and this is because of new contracts being agreed


But that takes some time, which is why we've been reiterating the point that this is in all likelihood

but that takes some time which is why we've been reiterating the point that this is in all likelihood


You may also visit the company's website at freshdelmonte.com for a copy of today's release,

you may also visit the company's website at firstdomonti com for a copy of today's release


Before I move away from subscriber trends, I want to reiterate a statement that I've made many times based on the data and trends we're seeing.

before i move away from subscriber trends i want to reiterate a statement that i've made many times based on the data and trends we're seeing


So I think the potential for additional work force

so i think the potential for additional workforce


This year's record shipments will further expand our services opportunity next year.

this year's record shipments will further expand our services opportunity next year


And we are also continuing with geographical expansion, and you might recall potentially that we

and we are also continuing with the geographical expansion and you might recall potentially that we


We continue to make progress against our strategic initiatives and move forward in our transformation.

we continue to make progress against our strategic initiatives and move forward in our transformation


from what we had when we originally rolled out the assumptions around the consolidation transaction such that


Please note that our conference call today will contain references to financial measures such as funds from operations,

please note that our conference call today will contain references to financial measures such as funds from operations


medallion portfolio due to the sale. So in our core commercial businesses, the corporate banking business

medallion portfolio due to the sale so in our core commercial businesses the corporate banking business


We're strengthening the foundations of this business by shoring up its major brands

we are strengthening the foundations of this business by shoring up its major brands


Meanwhile, in Europe, we have begun test marketing in England and other countries.

meanwhile in europe we have begun test marketing in england and other countries


And I was wondering, if you can look at your loan book and look at great opportunities that you have at independent third parties,

and i was wondering if you can look at your loan book and look at great opportunities that you have at independent third parties


that we will be bringing that traffic on. Some of it was during the second quarter, but the rest of it during the third quarter.

that we will be bringing that traffic on some of it was during the second quarter but the rest of it during the third quarter


What -- did that have any impact on your -- or what impact did it have on your revenue per requisition, if any?

what -- did that have an impact on your -- or what impact did it have on your revenue per requisition if any


Recruiting, hiring and training the people for rigs and pressure pumping spreads is a large undertaking.

recruiting hiring and training the people for rigs and pressure pumping spreads is a large undertaking


allowing us to optimize our textbook sourcing, purchasing and liquidation process.

allowing us to optimize our textbook sourcing purchasing and liquidation process


If we got to launch the new products where we have product gaps as we've talked about in the past and get those into full launch, that needs to happen.

we've got to launch the new products where we have product gaps as we talked about in the past and get those into full launch that needs to happen


particularly at a time where there is not significant excess capacity in the industry.


I will now turn the call back to Dustin, for some additional color on our markets, our benchmark homebuilding brand,

i will now turn the call back to dustin for some additional color on our markets our benchmark homebuilding brand


have added some personnel to help fulfill some of the more recent demand that we've had


I think, the difference would be we knew that there was the potential for some weakness in the market. We could see what was happening to everybody else

i think the difference would be we knew that there was the potential for some weakness in the market we could see what was happening to everybody else


I feel like we actually performed very well on the hedging side and overall effectiveness

i feel like we actually performed very well on the hedging side and overall effectiveness


Investments to deepen our regional capabilities and to develop new technologies and services were important in the past year.

investments to deepen our regional capabilities and to develop new technologies and services were important in the past year


Before we begin, I'd like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements.

before we begin i'd like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements


In short, the overall market environment remains favorable and the onus is on us to execute.

in short the overall market environment remains favorable and the onus is on us to execute


The third quarter saw the largest volume of Cornerstone HR wins in the company's history,

the third quarter saw the largest volume of cornerstone hr wins in the company's history


Yes, I wouldn't think of it as reorganizing the sales force. I would more think of it as adding,

yes i wouldn't think of it as reorganizing the sales force i would more think of it as adding


while I think that, that advertising is a model that will continue to be successful and digital advertising well,

while i think that that advertising is a model that will continue to be successful and digital advertising will


And we had previously spent most of our time looking at competitors. But now,

and we had previously spent most of our time looking at competitors but now


Most of the money -- all the money will get spent this quarter, but they may come in late December, even potentially into early January.

most of the money -- all the money will get spent this quarter but they may come in late december even potentially into early january


going to -- and others in New York Fries by the end of the year, I think all banners will be

and other than new york fries by the end of the year i think all banners will be


Through October and the first week of November, we have continued to see increased occupancy levels from ICE.

through october and the first week of november we have continued to see increased oxy levels from ice


The bottom line is that we continue to gain share in virtually every market where we do business domestically and around the world

the bottom line is that we continue to gain share in virtually every market where we do business domestically and around the world


outcome of an event, timing and performance to differ materially from those expressed or implied by such statement.

outcomes of events timing and performance to differ materially from those expressed or implied by such statements


Reflected in the lower left is the change in the mix of earning assets. As a result of this mix shift,

reflected in the lower left is the change in the mix of earning assets as a result of this mix shift


With the continued focus on investment in the brand against the backdrop of strong LINZESS revenue growth,

with the continued focus on investment in the brand against the backdrop of strong linzess revenue growth


So Yara is -- they're sort of in conversations with the government, and we expect that to be

so yara is sort of in conversations with the government and we expect that to be


of 2016. So now let's take a look at the performance of each of our business units.

of 2016 so now let's take a look at the performance of each of our business units


So major growth and the base case organic growth of the corporation in the energy business.

so major growth in the base case organic growth of the corporation in the energy business


But you also know that our strategy is we want to do the same with other substrates right? So that is more

but you also know that our strategy is we want to do the same with other substrates right so that is more of a


Rate is not an issue. Market rate is not an issue. Right now, the issue that we're working on is cost,

rate is not an issue market rate is not an issue right now the issue that we're working on is cost


Before we begin the substance of the call, I'll start by stating that in accordance to the safe harbor provision

before we begin the substance of the call i'll start by stating that in accordance with the safe harbor provision


which was completed during the third quarter, and year-over-year impact of new destinations across the Pacific.

which was completed during the third quarter and year-over-year impact of new destinations across the pacific


and hope that such a meeting can occur early in 2018, ideally in the January time frame.

and hope that such a meeting can occur early in 2018 ideally in the january time frame


to the stores. But then the constant shift to online is an ongoing conversation.

to the stores but then the constant shift to online is an ongoing conversation


Turning to Slide 15. International Insurance sales on a constant basis

turning to slide 15 international insurance sales on a constant basis


The most -- with the final order that we received in the second quarter on the previous tracker periods,

with the most -- with the final order that we received in the second quarter on the previous tracker periods


The last few months have been a frustrating time for our shareholders, as we see our valuation go down.

the last few months have been a frustrating time for our shareholders as you see our valuation go down


we end up protecting ourselves and alleviating any of the fluctuation that can occur


as we took a proactive approach to resolve positions within our small portfolio of loans to oil and gas producers.


And we believe we will quickly complete a transaction without any financing conditions.

and we believe we will quickly complete a transaction without any financing conditions


they see their ability to move patients to the outpatient marketplace based on patient


The key drivers of the improvement were higher interest rates, a higher average margin balance and better investment yields.

the key drivers of the improvement were higher interest rates a higher average margin balance and better investment yields


I do appreciate all the detail you guys gave on some of the differentiated tools that you've been rolling out. And so I'm just trying to think about,

i do appreciate all the detail you guys gave on some of the differentiated tools that you've been rolling out and so i'm just trying to think about


So free cash flow was a very important part of our performance for the second quarter.

so free cash flow was a very important part of our performance for the second quarter


We appreciate you joining us for today's call, and we look forward to speaking to you again next quarter.

we appreciate you joining us for today's call and we look forward to speaking to you again next quarter


What is also true is that the inflationary environment is clearly not behind us.

what is also true is that the inflationary environment is clearly not behind us


research and development goals of Array and its collaborators and future financial performance of Array.

research and development goals of array and its collaborators and future financial performance of array


Finally, our value enhancement initiatives continue to be on track and give us confidence that the margin contraction will rebound.

finally our value enhancement initiatives continue to be on track and give us confidence that the margin contraction will rebound


observed a higher pacemaker rate and one would expect that this trial having been completed

observed a higher tastemaker rate and one would expect that this trial having been completed


as you're exiting the third quarter, now to the fourth quarter relative to earlier in the third quarter period?

as you're exiting the third quarter now to the fourth quarter relative to earlier in the third quarter period


These efficiencies have supported our increased marketing and development without unduly impairing our margins.

these efficiencies have supported our increased marketing and development without unduly impairing our margins


fair margin. It goes back to our whole investment thesis in Central Europe, which is

fair margin it goes back to our whole investment thesis in central europe which is


when we see a material move in the international rig count level,


a change in the way that Chart does business in one or any of the segments?

a change in the way that chart does business in one or any of the segments


During the quarter, we executed several master service agreements with large midstream and petrochemical companies.

during the quarter we executed several master service agreements with large midstream and petrochemical companies


On Page 15, we recapped return on average equity and capitalization trends.

on page 15 we recap return on average equity and capitalization trends


in this environment. So we are working on development of some of those products

in this environment so we are working on development of some of those products


And then just with respect to '19, I don't think we're in position to talk about specifics on

and then just with respect to '19 i don't think we're in position to talk about specifics on


we will continue to be more aggressive in returning capital to our shareholders while continuing to reinvest in our business.


I will now turn the call back to Ken to go into more detail on our operations during the quarter.

i will now turn the call back to ken to go into more detail on our operations during the quarter


We believe we are well positioned as we begin the final quarter of the year.

we believe we are well positioned as we begin the final quarter of the year


This base of recurring payment processing revenue provides stable ongoing revenue from which to grow the business.

this base of recurring payment processing revenue provides stable ongoing revenue from which to grow the business


While electric sales in the first quarter were below expectations, we expect sales to improve in the second half of the year,

while electric sales in the first quarter were below expectations we expect sales to improve in the second half of the year


We see demand for chocolate increasing with higher income per capita in those areas.

we see demand for chocolate increasing with higher income per capita in those areas


The company assumes no obligation to update any projections or forward-looking statements except as required by law.

the company assumes no obligation to update any projections or forward-looking statements except as required by law


But enough to sort of demonstrate some of the things that we're doing that are out of the box compared to the

but enough to sort of demonstrate some of the things that we're doing that are out of the box compared to the


I don't know, a few months ago? Is there something that's obvious that would have changed in those markets in June?

i don't know a few months ago is there something that's obvious that would have changed in those markets in june


do what we believe is going to be a strong year. We're off to a good start. We look forward to seeing all of you in New York in May,

do what we believe is going to be a strong year we're off to a good start we look forward to seeing all of you in new york in may


Living Proof and Hourglass are both growing at double digits and will begin to contribute to underlying sales growth

living proof and arrow glass are both growing at double digits and will begin to contribute to underlying sales growth


I'm particularly pleased with the progress we are making executing our strategy.

i'm particularly pleased with the progress we're making in executing our strategy


If you'll turn to Slide 9, I'll cover some operational highlights from the rest of the portfolio.

if you'll turn to slide 9 i'll cover some operational highlights from the rest of the portfolio


Importantly, we continue to see years of runway in frozen and expect the space to benefit

importantly we continue to see years of runway in frozen and expect the space to benefit


That's a very good question, Diego. We have no restrictions

that's a very good question diego we have no restrictions


excluding the incremental inventory associated with our AGRAM acquisition in Germany.

excluding the incremental inventory associated with our agrium acquisition in germany


before we are able to really get to the point where we're offsetting the inflation that we're seeing.


continuing to deliver more gold than the reserve model suggested.


we continue to believe very strongly that Maine holds great promise

we continue to believe very strongly that maine holds great promise


band? Is that what we should be thinking about in terms of what your forecast include with the state utilities?

band i mean is that what we should be thinking about in terms of what your forecast includes with the state utilities


But we reflect all of our biases in the price expectations, and I think that speaks for itself.

but we reflect all of our biases in the price expectations and i think that speaks for itself


After accounting for all fees, rebates and other discounts, the net sales price that we expect to recognize

after accounting for all fees rebates and other discounts the net sales price that we expect to recognize


In summary, we are confident in our strategic direction and are staying focused on building a flywheel business

in summary we are confident in our strategic direction and are staying focused on building a flywheel business


I think everyone is filling up nicely. I think there's enough work to go around. I think we're

i think everyone is filling up nicely i think there's enough work to go around i think we're


I will also cover a few components of our revenue and segment profits that were not in our earnings release yesterday.

i'll also cover a few components of our revenue and segment profits that were not in our earnings release yesterday


We continue to focus on addressing our performance challenges at certain CIS locations and on driving operational improvements.

we continue to focus on addressing our performance challenges at certain cis locations and on driving operational improvements


they are not guarantees of future performance and a variety of factors could cause actual results to differ materially.


our merchandising plan and becoming more aggressive, particularly when we look at conventional promoted price points

our merchandising plan and becoming more aggressive particularly when we look at conventional promoted price points


that will be more heavily weighted to the first half because most of that FX change took place in the second half of last year.

that will be more heavily weighted to the first half because most of that fx change took place in the second half of last year


We will continue to take a long-term approach to capital allocation, focusing on strong capital projects

we will continue to take a long-term approach to capital allocation focusing on strong capital projects


to really selling the most differentiated, the most sophisticated of products, which, as you could imagine,

to really selling the most differentiated -- the most sophisticated of products which as you could imagine


Over the past few years, we've leveraged our relationships with the primes as well as our sales strategies,

over the past few years we've leveraged our relationships with the primes as well as our sales strategies


This is in line with the guidance we provided in February of a flat to 2% decline on a reported basis.

this is in line with the guidance we provided in february of a flat to 2% decline on a reported basis


A copy of the earnings disclosure is available on their website and includes cautionary language about forward-looking statements,

a copy of the earnings disclosure is available on our website and includes cautionary language about forward-looking statements


The other thing I would say is that if you've been watching the Canadian heavy closely,

the other thing i would say is that if you've been watching the canadian heavy closely


it might not be -- have a big impact. But we certainly expect it to have a big impact in our ability to continue

it might not be -- have a big impact but we certainly expect it to have a big impact in our ability to continue


implying higher expenditure with planting and tilling, on top of investments in health, safety and environment.

implying higher expenditure with planting and tiling on top of investments in health safety and environment


there needs to be a recomposition. Now the growth in business, I still believe,

there needs to be a recomposition now the growth in business i still believe


We borrowed on our revolver to pay the dividend and anticipate repayment of those funds from fourth quarter cash receipts.

we borrowed on our revolver to pay the dividend and anticipate repayment of those funds from fourth quarter cash receipts


We remain excited about the future of our company and the value proposition we bring to investors.

we remain excited about the future of our company and the value proposition we bring to investors


But certainly, as we've gotten questions about what do we think about the targets we have out there for the Platinum Vision,

but certainly as we've gotten questions about what do we think about the targets we have out there for the platinum vision


some of our specialty consulting areas on the core accounting side. And we're also seeing

some of our specialty consulting areas on the core accounting side and we're also seeing


This paragraph emphasizes the major uncertainties and risks in the forward-looking statements we will make this morning.

this paragraph emphasizes the major uncertainties and risks in the forward-looking statements we will make this morning


cost of goods that we have, we're making sure that our pricing actions are not only in line but

cost of goods that we have we're making sure that our pricing actions are not only in line but


Hopefully, you've had an opportunity to review our press release and the related slide presentation released last night.

hopefully you've had an opportunity to review our press release and the related slide presentation released last night


In particular, we are putting considerable effort into the development of human resources,

in particular we are putting considerable effort into the development of human resources


that means we don't believe in our private portfolio. I don't believe in -- we don't believe that continuing doing what we were doing

that means we don't believe in our private portfolio i don't believe in -- we don't believe that continuing doing what we're doing


The elimination of a drop in the water rate in the back half of the term of the water supply agreement.

the elimination of a drop in the water rate in the back half of the term of the water supply agreement


Adopting the new standard will not have a material effect on our financial results for the year.

adopting the new standard will not have a material effect on our financial results for the year


Dan has had 2 successful years leading the IR team and will soon be transitioning to a new role.

dan has had 2 successful years leading the ir team and will soon be transitioning to a new role


earlier in the year, although the average didn't move all that much and capital levels do remain strong so

earlier in the year although the average didn't move all that much and capital levels do remain strong so


And while cruise will have more operational days in the current 2019 financial year,

and while cruise will have more operational days in the current 2019 financial year


I'd like to take some time to explain how those efforts align with current areas of secular industry growth.

i'd like to take some time to explain how those efforts align with current areas of secular industry growth


that we have to focus that the CPT code is paid so that they adopt. So

that we have to focus that the cpt code is paid so that they adopt so


your own ability to produce film and the potential down the road to have greater film


And in fact, there is nothing new to be added here. All the factors have contributed,

and in fact there is nothing new to be added here all the factors have contributed


the opportunity for us to capture the growth is the driving opportunity.


But yes, if this is something that could have been done better, certainly, it could have been done more conservatively. It could have been more planned.

but yes is this something that could have been done better certainly it could have been done more consultatively it could have been more planned